Common use of Distributions on Investment Property and other Equity Interests Clause in Contracts

Distributions on Investment Property and other Equity Interests. In the event that any cash dividend or cash distribution (a “Dividend”) is permitted to be paid on any Pledged Interests of any Obligor at a time when no Event of Default has occurred and is continuing, such Dividend may be paid directly to the applicable Obligor or to another Obligor designated by the Borrower Agent. If an Event of Default has occurred and is continuing, then any such Dividend or payment (other than Upstream Payments) shall be paid directly to Agent to be applied as set forth in Section 5.7.